CJ - Cryptocurrency Enthusiast
AIP-1.05, a contentious proposal that sought to return 700 million ARB governance tokens to Arbitrum's DAO Treasury, was soundly defeated on April 15. Once the Arbitrum Foundation transferred money in March without getting community permission, the Improvement Plan was put forth.
The proposal was defeated by 118 million votes, representing 84% of the total votes received, while 21 million ARB tokens voted for the proposal, nearly 14.5% of the total. Around 2 million ARB tokens abstained. The proposal aimed to ask the Foundation to return the tokens as a "symbolic gesture to demonstrate that the governance holders ultimately control the DAO, not the Arbitrum service provider nor the Foundation."
One of the main objections to the idea was that it would delay the Foundation's capacity to "support the expansion of the Arbitrum ecosystem" and add an extra stage. Another worry was that the ecosystem needs balance to advance decentralisation and advancement.
Arbitrum's community and its Foundation are currently in a dispute over the Foundation's governance proposal AIP-1, which called for the crypto market investment of nearly $1 billion worth of ARB tokens to fund its operations. The Foundation later clarified that AIP-1 was a ratification, not a proposal, in response to criticism from the community and revealed that some of the tokens had already been exchanged for stablecoins.
AIP-1.05 was Arbitrum's first attempt at governance after its tokens airdrop in early March. Despite the defeat, the Foundation has already released a new set of improvement proposals aimed at re-establishing dialogue with the community. It remains to be seen how these proposals will be received by the community and if they will be successful in resolving the ongoing dispute.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
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3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing firstname.lastname@example.org from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to email@example.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at firstname.lastname@example.org Kind Regards